Sites like Github and Bitbucket make it ridiculously easy to setup public and private remote repos, which might make a lot of sense for your team. Sometimes there is an added cost to this though, whether financially or simply introducing another third-party dependency into your project.
Setting up your own git repo is easy and allows you to host your versioning system on your own server.
We'll need to set up a dedicated user to manage the repos.
su - // Enter super user